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So, the mayor was at a groundbreaking over by the charter Oak, there are apparently 18 new townhomes to be built for "low income" families on some of the vacant land behinde Capewell on the corner of Wyllis and Father Jerzy Popolikowski (yeah I made that up, but its something like that)

this is 80% average area income low income, so its for people earning about 49K and these are all for sale!

so even though its starting out at 49K earnings, these people may well earn more and also may sell the properties making them market rate after a set contractual time period.

I am interested to see how charterOak changes over time, its had a ton of improvements and if Colt and Capewell can ever happen it would really start to pick up as a middle class area on the edge of downtown.

I hope this also helps make capewell happen in some way as the area is improving year after year.

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So it is official now too that the CIL is moving forward with something at Capewell.

Its either 80 apartments or 69 condos!

I'd love to see this as Condos! and CIL is just the group to do it. If they do Condos they want most of the building market rate. The income verfied segment woud be for people making 100% to 120% of the median income if I remember from what I read. (so thats $69,000 to $82,000) this is awesome if you ask me. There are plenty of households with that income level that I think most would love to have as neighbors.

the only thing though is for this part of the city to be truely successful, CIL would also need to subdivide and sell or redevelop much of the undeveloped land on the site. its a HUGE parcel. I suspect they would be doing just that as a Phase 2 or really 3 if you count these townhomes. They could just continue to develop the open space as extentions of this project as demand warrents.

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These funds are requested to provide a loan to CIL development, Inc. to assist in financing the Capewell Lofts project into approximately 72 units of housing, including studio, one, two and three bedroom units. The project also includes approximately 5,400 square feet of commercial space.

The loan will be provided initially as a construction loan at an interest rate of 3%. The loan will be converted to a 1% permanent loan for 40 years which will be subordinate to the conventional first mortgage loan. The interest rate will be reset in year ten to a rate not in excess of the primary conventional mortgage and subject to the projects cash flow.

CIL tentatively hopes to close its financing package on May 15, Legault said. Construction of 75 apartments, beginning with the environmental clean-up, could begin within two or three weeks of the closing.

The majority of the apartments are studios and one-bedroom units.

The rents range from

$1,050 for a 700-square-foot studio and

$1,375 for a 860-square-foot, one-bedroom unit, to

$2,000 for a 1,725-square-foot, two-bedroom unit, to

$2,600 for a 1,850-square-foot, three-bedroom unit.

1725 SF is monster for a 2 bedroom!!

It will be interesting to see what kind of interest they get in those larger units!

also, I think the long term plan here is to later sell these off as condos

The apartments are expected to be ready for occupancy in January 2016

With the 79 units being built today at Colt and these opening in early 2016, the Charter Oak area is going to gain a pretty good number of residents in the next two years.

by pretty good I am really saying compared to the 50 apartments available now, there will instead be ~200, and another 24 likely under way in the East Armory by 2 years from today.

I can see this increased presense of redevelopment to kick start some other ideas. Maybe one of the Capewell hotels will come back on the table as an idea, and there is just HEAPS of undeveloped surface parking in the area. Cheap easy places to buils large numbers of low rise townhomes (very popular on the edges of cities these days.... thinking 4-5 stories max